Search results

The process for examining the value of house prices in an urban city has given limited attention, if any, to demographic variables associated with urban geography. Although the disciplines of property/real estate and demography have moved closer, little progress has been made when modelling house prices using population-related data in the field of urban geography to explain the level of house prices.

This paper proposes an innovative model to examine the influence of population variables on the level of house prices. It used a two-stage approach as follows: principal components analysis (PCA) identified social dimensions from a range of demographic variables, which were then retained for further analysis. This information was sourced from two Australian Bureau of Statistics censuses undertaken involving all Melbourne residents during 1996, 2001, 2006 and 2011; multiple regression analysis examined the relationship between the retained factor scores from the PCA (as independent variables) and established residential house prices (as the dependent variable).

The findings confirm the demographic profile of each household, which is directly related to their decisions about housing location and house prices. Based on a case study of Melbourne, Victoria, it was demonstrated that households with specific demographic characteristics are closely related to a certain level of house prices at the suburban level.

This is an innovative study which has not been previously undertaken for an extended period of time to facilitate an analysis of change over time.

There has been declining home ownership and increased acceptance of long-term renting in many western countries including Australia; this has created a problem when examining housing markets as there are dual demand and include both owner-occupiers and investors. The purpose of this paper is to examine the long-run relationship between house prices, housing supply and demand, and to estimate the effects of the two types of demand (i.e. owner-occupier and investor) on house prices.

The econometric techniques for cointegration with vector error correction models are used to specify the proposed models, where the housing markets in the Australian states and territories illustrate the models.

The results highlight the regional long-run equilibrium and associated patterns in house prices, the level of new housing supply, owner-occupier demand for housing and investor demand for housing. Different types of markets were identified.

The findings suggest that policies that depress the investment demand can effectively prevent the housing bubble from further building up in the Australian states. The empirical findings shed light in the strategy of maintaining levels of housing affordability in regions where owner-occupiers have been priced out of the housing market.

There has been declining home ownership and increased acceptance of long-term renting in many western countries including Australia; this has created a problem when examining housing markets as there are dual demand and include both owner-occupiers and investors. This research has given to the relationship between supply and dual demand, which includes owner-occupation and investment, for housing and the influence on house prices.

As the “baby boomer” generation continues to enter their senior post-retirement years, the provision of affordable retirement housing has become increasingly important for the community, practitioners and policymakers. However, relatively little attention has to date been placed on identifying an effective market mechanism for the industry of the independent-living retirement villages to meet this increased and unprecedented demand. This study aims to develop an innovative and affordable retirement village development model which meets the needs of all stakeholders including seniors, retirement village residents, the retirement village industry and government.

The attributes of this study are as follows: structure of individual living units, retirement village characteristics, retirement village facilities and services and support mechanisms. The analysis was undertaken based on data relating to independent-living retirement villages in five Australian states. A hedonic pricing model was used where the price distributions relating to these four aspects were estimated.

The results confirmed the structures of the independent living units and the retirement village characteristics were closely related to pricing, followed by services and supports with a lesser relationship, although the facilities were not significantly related to pricing.

This research is not able to address the entire retirement village market in Australia because the available market data are limited.

This research uses an innovative supply-side approach to assess retirement village attributes and values, which provides stakeholders with up-to-date market information to assist in guiding the performance of the retirement village industry.

The market evaluations imply that seniors are reluctant to pay for village attributes that are not regarded as highly sought-after. A cost-effective strategy of new retirement village developments and upgrades can be further induced, which in turn can enhance the market efficiency and affordability of the retirement villages.

This pricing model for retirement village units extends previous studies into retirement villages and presents stakeholders with an innovative and reliable market-oriented model.

Due to the complicated nature of houses, the driving factors of the residential construction output can be investigated from different perspectives of interests. However, little research has provided an insight of the trend of the residential construction output from a cross-disciplinary perspective. The purpose of this paper is to identify the long-run equilibrium types of residential construction output, including external equilibrium, solo-market equilibrium and dual-market equilibrium.

A vector error correction model is applied into longitudinal data in the eight Australian states and territories to overview the regional variations of the residential construction output.

The empirical results show that the equilibrium of regional residential construction outputs in New South Wales and Victoria are determined by the external factors; the equilibrium in Western Australia is dominated by the construction market; and the equilibriums in the other five states and territories are influenced by both construction and house markets.

The simplified approach may overlook the detailed explanation of the external factors, such as regional population, economy, policy and so forth. Given this limitation, future studies can introduce the correspondingly variables as per research interests.

Implementing the existing research into residential construction output and house supply, this research provides a simplified approach that demonstrates the linkage between construction and real estate sectors to identify the long-run equilibriums across regions. The underlying research sheds light in delivering inter-disciplinary research into the residential construction output.